NEW YORK, Aug. 17, 2011 /PRNewswire/ -- Today, Assura Group
of NY, Ltd., introduces IncomeAssure, an unemployment insurance
policy that supplements state unemployment benefits. IncomeAssure
makes money available to policyholders to pay for personal expenses
in the event of involuntary job loss by replacing 50 percent of a
worker's former wages - in combination with state unemployment
benefits - up to $250,000. It is
currently available to employees working in 34 states and the
District of Columbia and is the
only insurance of its kind available in the U.S.
"People's perceptions of job and financial security have been
fundamentally changed by the Great Recession. IncomeAssure was
designed to provide peace of mind and help workers weather job
loss," said Leslie Nylund, CEO,
Assura Group. "We saw a need for a solution that enables displaced
workers to meet their basic short-term obligations, like household
expenses, tuition costs, or mortgage payments, without wiping out
their savings or investments."
IncomeAssure claims are coordinated with state unemployment
benefits. An approved state unemployment benefit claim triggers
eligibility for IncomeAssure payments for policyholders. Premiums
are based on salary, industry, and state of employment and range
from approximately 0.5% to 2.0% of wages. There is a six month
waiting period for new policyholders to begin claiming
benefits.
Nylund continued: "If you've just lost a $100,000 a year job, the typical maximum state
benefit of $1,600 a month doesn't
even begin to cover the bills. Though state unemployment systems
are designed to replace 50 percent of former wages, state benefits
are capped at a fixed dollar amount. So, as a result, some states
do not reach the 50 percent target for workers earning $50,000 per year or more. IncomeAssure closes
this gap."
IncomeAssure will soon be offered in additional states, upon
approval of policy form and rate filings, and is underwritten by
Great American Insurance Company, rated "A" (Excellent) by A.M.
Best (as of February 14, 2011).
"Our partnership with Assura Group gives us the unique
opportunity to fill an unmet need in the insurance marketplace with
a truly innovative option," said Mike
Sullivan, Senior Vice President of Great American Insurance
Company. "IncomeAssure will provide financial protection for our
customers, and is in line with our commitment to offer
best-in-class insurance products."
To learn more about IncomeAssure, visit www.incomeassure.com.
About Assura Group of NY, Ltd.
Assura Group was founded in 2006 to address a critical unmet
need in the market – private unemployment insurance. Assura
Group's unemployment insurance product, IncomeAssure, is currently
available in 34 states across the country and in the District of Columbia. Eventually, the
policy will be offered in all states pending approval of policy
form and rate filings, and is underwritten by Great American
Insurance Company, rated "A" (Excellent) by A.M. Best (as of
February 14, 2011).
About Great American Insurance Group
Great American Insurance Group's roots go back to 1872 with the
founding of its flagship company, Great American Insurance Company.
Based in Cincinnati, Ohio, the
operations of Great American Insurance Group are engaged primarily
in property and casualty insurance, focusing on specialty
commercial products for businesses, and in the sale of traditional
fixed and indexed annuities and a variety of supplemental insurance
products such as Medicare supplement. The members of the
Great American Insurance Group are subsidiaries of American
Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed
and traded on the New York Stock Exchange and NASDAQ Global Select
Market under the symbol AFG.
SOURCE Assura Group of NY, Ltd.